As previously reported here Caterham F1 has been bought by a Swiss-Middle eastern consortium in a deal brokered by former Force India and HRT boss Colin Kolles.

Kolles will remain as a consultant to Caterham, which will retain its name for the forseeable future.

A statement said: “The new ownership takes charge with immediate effect. Former Dutch F1 driver, Christijan Albers, assisted by Manfredi Ravetto, will take over the day-to-day running of the team, reporting directly to the board and replacing Cyril Abiteboul who will leave the team to pursue new challenges.”

“We are aware of the huge challenge ahead of us,” said Albers, “Given the fight at the bottom end of the Championship and our target now is to aim for tenth place in the 2014 Championship. We are very committed to the future of the team and we will ensure that the team has the necessary resources to develop and grow and achieve everything it is capable of.”

Although it hasn’t been mentioned yet there will also be new technical direction, with sources suggesting that a name new to F1 will get the job. The new owners plan to make the team a lot more efficient than it has been up to now.

As previously reported here, Abiteboul is heading back to Renault and Viry.